F&O expiry outlook- Nifty resistance placed at 18000-18100, Banking sector to guide stock markets this week
时间:2024-06-26 14:25:11 阅读(143)
By Sameet Chavan
In the initial hour of the trade on Thursday, Nifty 50 slid below 18100, and then as the day progressed, the bears thrashed all key supports one after another. Due to massive sell-off in individual stocks, Nifty eventually plunged below 17900 to conclude the October expiry on a depressive note. In this process, Nifty concluded with a nearly 2% loss, thereby marking the biggest single-day cut after April 12, 2021.
When the market was not correcting, this might have sounded senseless, but historically it’s proven, when things look hunky-dory all around, the euphoric situation takes place and that is the time when the market surprises with a corrective move. This is exactly what we witnessed in the last week or so and on Thursday, finally, the bears looked in complete demand. The anticipation has now turned into confirmation by violating the 18000 mark. We can see the first weakness on the chart which is the ‘Lower Top Lower Bottom’ on daily chart, coinciding with the convincing close below the ’20-day EMA’.
Since the market is a bit oversold, we may see some relief move in between; but traders should not get carried away by such rebounds. On the higher side, 18000 – 18100 would now be seen as immediate hurdles and any bounce back towards it, should be used to lighten up longs. On the flip side, we may see this corrective move extending towards 17700 – 17600 – 17450 in the coming days. All eyes are on the banking space going forward because initially it was a saviour and has become the culprit now. So, it would be interesting to see how it moves going ahead, which is likely to dictate the direction for the overall market.
(Sameet Chavan is Chief Analyst – Technical and Derivatives, Angel One Limited. Views expressed are the author’s own.)
猜你喜欢
- Market watchers attribute 1,564 points rally in Sensex to buying from FPIs
- No rush to sell India, buy China equities- Wood
- Govt to offload about 50,000 tonnes of onions from buffer stock
- Nifty, Sensex surge 2% on strong global cues as bulls return to D-St; ‘market trend bullish, buy on dips’
- Nifty valuation no more in bubble, but FII selling, inflation, other headwinds keep investors on toes
- LTIMindtree, Genus Power, Hero MotoCorp, ICICI Bank among 116 stocks that hit 52-week highs; 9 touch 52-week lows
- Gold Price Today, 28 Sep 2022- Gold, silver rates fall on strong US Dollar, weak cues; MCX support at Rs 48500
- Manipur violence to Balasore tragedy- Biggest news developments this year
- Gold’s biggest quarterly gain in 2-yrs in Q1; next week outlook bullish, Akshaya Tritiya to fuel retail demand